Edgewise Therapeutics (NASDAQ:EWTX) Stock Price Down 5.4%

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares fell 5.4% during mid-day trading on Monday . The stock traded as low as $17.79 and last traded at $17.81. 133,927 shares changed hands during trading, a decline of 84% from the average session volume of 853,107 shares. The stock had previously closed at $18.83.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on EWTX. Royal Bank of Canada reissued an “outperform” rating and set a $32.00 target price on shares of Edgewise Therapeutics in a research note on Tuesday. Piper Sandler reissued an “overweight” rating and set a $48.00 target price on shares of Edgewise Therapeutics in a research note on Monday, July 1st. Wedbush restated an “outperform” rating and set a $31.00 price target on shares of Edgewise Therapeutics in a report on Friday, August 16th. Finally, JPMorgan Chase & Co. upped their price target on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $33.40.

Edgewise Therapeutics Trading Up 5.5 %

The firm has a market cap of $1.78 billion, a PE ratio of -12.30 and a beta of 0.15. The business has a fifty day moving average price of $18.73 and a 200 day moving average price of $17.96.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.02. On average, research analysts expect that Edgewise Therapeutics, Inc. will post -1.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Quest Partners LLC grew its stake in Edgewise Therapeutics by 156.9% during the 2nd quarter. Quest Partners LLC now owns 1,742 shares of the company’s stock worth $31,000 after buying an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in Edgewise Therapeutics during the 2nd quarter worth approximately $35,000. Ameritas Investment Partners Inc. grew its stake in Edgewise Therapeutics by 37.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 5,751 shares of the company’s stock worth $105,000 after buying an additional 1,561 shares during the last quarter. Arizona State Retirement System purchased a new position in Edgewise Therapeutics during the 2nd quarter worth approximately $188,000. Finally, Dark Forest Capital Management LP purchased a new position in Edgewise Therapeutics during the 2nd quarter worth approximately $193,000.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.